Crude Oil: WTI Falters Beneath the Level at $52 While the Additional Gain Is Not Excluded


USDWTI Price Analysis – February 13

WTI is trading near the price level of $ 51.50. After an intraday low to $ 50.75. During the Asian session on Thursday into the European session. In its monthly report on the oil market, the International Energy Agency lowers its forecast for oil demand growth in 2020 by 365,000 barrels per day to 825,000 barrels per day due to the outbreak of coronavirus, the lowest since 2011.

Key Levels
Resistance Levels: $ 59.61, $ 55.00, $ 52.00
Support Levels: $ 50.00, $ 49.42, $ 47.57

USDWTI Long term Trend: Bearish

Crude oil prices are likely to bottom out after a modest rebound. However, the decline is not yet complete as bearish momentum stays. Oil prices are trading close to the $ 51.50 near the resistance level.

Only a breakthrough at this level can confirm the corrective price movement. In the short term, WTI crude oil may remain within the range of $ 51.50 and $ 50.00 levels.

USDWTI Short term Trend: Bearish

In the previous trading session, the rise in prices for WTI was due to the continuing decline in open interest and a significant increase in volume.

Nevertheless, although further bullish attempts should not be discarded in the short term, it is anticipated that a monthly high close to the level of $ 52.00 may show stiff resistance.

Instrument: USDWTI
Order: Sell
Entry price: $ 51.50
Stop: $ 52.00
Target: $ 49.42

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.